13 Oct '17, 2am

Lian Beng Group posts 47.5% revenue drop

Lian Beng Group’s revenue slumped by 47.5 percent year-on-year to $37.18 million in the first quarter ended 31 August 2017 primarily because of lower contributions from its construction business, revealed an SGX filing on Thursday (12 October). Consequently, gross profits and its earnings for the period fell by 33.1 percent and 29.4 percent to $12.41 million and $8.94 million respectively. Nevertheless, the construction firm’s other operating income increased by more than three-fold to $10.46 million from $3.35 million previously mainly due to the sale of its investment property at 247 & 249 Collins Street in Melbourne, Australia. “Our investments in property investment have helped us mitigate the cyclical nature of project-based segments such as construction and property development. The returns from property investment have enabled us to sustain our profit level despite ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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